For most of us, rooftop solar installations are prohibitively expensive. But General Electric wants to change that.

By investing millions in improving solar technology — including the recent announcement of an advanced solar panel factory in Colorado — the company hopes to drive the costs of solar power down by as much as half.

"Today, the average cost of installing a solar system on a typical home is $6.50 per watt, or $32,500," explained Charlie Korman, the manager of the solar energy programs at GE Global Research. "We want to cut the cost by more than half. At less than half the price, solar systems will be practical for millions of homeowners in the United States.

"To achieve such a radical cost reduction, new technologies are needed to simplify and standardize how solar installations are made. The process has to be as routine as putting a new roof on your home."

According to Korman, the technology will become much more viable once it reaches the $3 per watt range.

In addition to the new Colorado factory, GE has also added 100 new jobs focusing on renewable energy research, and invested significantly in programs designed to improve rooftop and residential solar installations. These projects are being conducted in conjunction with the Department of Energy.